CEO of bankrupt crypto lender Celsius is arrested after probe into its collapse as SEC also launches investigation into him Alex Mashinsky, 57, is being sued by three regulatory agencies for fraud after the collapse of his crypto lender last year Celsius’ implosion left a $1.19 billion deficit according to bankruptcy filings It is the latest…
Source: Adobe/Canva The former CEO of bankrupt crypto lender Celsius Network Ltd., Alex Mashinsky, has been charged with fraud by the U.S. Department of Justice (DoJ) and sued by three regulatory agencies over the company’s collapse. Apart from the DoJ, Celsius and Mashinsky are also facing a barrage of lawsuits and allegations from various U.S.…
Nineteen eateries in Coventry have been declared insolvent in a restaurant crisis facing the city, new data for the last two years has shown. A total of 3,347 restaurants and cafes across the UK have been unable to pay their debts in the two years to March 2023, according to data from the Insolvency Service…
The Dutch e-bike startup VanMoof is on the brink of bankruptcy. The Verge reports the company has entered a so-called suspension of payment proceeding, in which a court-appointed administrator helps to lead the company out of debt. All options are on the table. Meaning Van Moof is also facing a possible sale. The procedure is…
On 12 July 2023, the Parliamentary Joint Committee on Corporations and Financial Services (the Committee) released its final report following an inquiry into the framework of Australia’s corporate insolvency laws (Inquiry). The Inquiry commenced in September 2022. The Inquiry has determined that Australia’s insolvency regime is not fit-for-purpose and requires major reform, with the Committee…
A total of 3,347 eateries have been unable to pay their debts in the past two years to March 2023, according to data from the Insolvency Service and first reported by Sky News. During the first three months of 2023, an average of six restaurants were affected every day. Of those restaurant declared insolvent, 98%…
Yet another construction company has collapsed with Perth builder City Residence Pty LTD going into liquidation. Peter Malone from CRS Insolvency Services was appointed liquidator on Wednesday after a company meeting resolved City Residence should be wound up. The company was yet to complete 13 residential building projects despite the liquidation. Building and Energy acting…
Overly complex, difficult to access and creating unnecessary cost and confusion for debtors and creditors 4 min read On 12 July 2023, the Federal Government’s Parliamentary Joint Committee on Corporations and Financial Services (Committee) released its report into corporate insolvency in Australia (Report). The Report concluded that Australia’s corporate insolvency system is too complex, hard…
Australias corporate and personal insolvency laws should face a comprehensive review, and improvements to small business restructuring pathways should be investigated as a priority, according to a massive report on the nations insolvency regime. The Parliamentary Joint Committee on Corporations and Financial Services tabled its long-awaited report on Wednesday afternoon, nearly nine months after endeavouring…
Jirsch Sutherlands Western Australian division, WA Insolvency Solutions (WAIS), has promoted a former graduate who started with the firm in 2002 to partner. The promotion of Greg Prout comes after he joined the firm with a commerce degree in November 2002 to work his way up to be one of the few insolvency practitioners in…